The first half of 2023 will ring in a volatile stock market as two more rate hikes are expected.On the opposite end is energy, trading at a 12% premium over the firm's fair value.spent the last year taking back most of the gains from the pandemic-era lockdowns.
As of Wednesday, the S&P 500 was trading near 3,869, just about where it was before 2020's stock-market crash. It's an undervalued territory that's rarely seen, according to a December 31 note from Dave Sekera, the firm's chief US market strategist. In the last 12 years, the market has hit this discount territory only 5% of the time, he noted.
The note estimates that there will be two more rate hikes at the beginning of the year before the central bank reverses course and eases monetary policy.
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